Cryptocurrencies and personalities - opportunities for influence

Everyone knows that the exchange rate of cryptocurrencies is primarily influenced by fundamental factors - the political conjuncture, the economic situation, the state of affairs of issuers. However, it is far from a secret that the volatility of the crypto market in general and individual coins in particular may well depend on personalities - that is, people whose status and position strongly influence the minds of investors and the decisions they make.

The leader of this list can rightfully be called Elon Musk. His statements and tweets move the prices not of some little-known tokens, but bitcoin itself.

For example, in February 2021, Musk announced that his company Tesla would accept bitcoins as payment for electric cars and purchased them for $ 1.5 billion. The reaction was not long in coming - the bitcoin exchange rate instantly soared by 10% and broke its own record. But the holiday did not last long - already in the spring of the same year, Tesla refused to settle in bitcoins, explaining that it was concerned about the expansion of the use of environmentally damaging fossil fuels, which is necessary to power huge generators mining bitcoin farms. And again, the reaction was lightning fast - against the background of this news, bitcoin fell from 51 thousand to 47.7 thousand dollars apiece. And this story is far from the only one - after Musk wrote that his favorite cryptocurrency is Dogecoin, its price skyrocketed by almost a quarter.

Of course, cryptocurrencies, which were created by them, are extremely dependent on personalities. An example is the cryptocurrency POWER of Hollywood actor Terry Crews, known for roles in films such as The Expendables, Deadpool 2 and Brooklyn 9-9. There are already 3.34 million tokens in circulation, a total of 10 million coins are planned to be issued. The actor explained the launch of his own cryptocurrency by the biased attitude of the Italian bank towards him as a black man. He is sure that the cryptocurrency will help solve this painful issue, because according to Krues, it does not care about the race and age of the owner.

In general, if we study the statements of the stars related to cryptocurrency and the further state of affairs on the market, it becomes obvious that the main factor of the influence of personalities on cryptocurrencies is the scale of the personality itself and its role in modern society. Many stars of music, cinema and sports participated in direct or native advertising of cryptocurrencies, among them Matt Damon, football player Tom Brady, singer Nick Kater. However, they are hardly able to set market trends. Their main task is to increase the attention of potential investors to a particular coin, using their media, due to their lack of at least some expertise in this matter, absolutely all risks are borne by their fans.

Therefore, you should not take seriously the opinions of the vast majority of people known to the public. The cryptocurrency market lives by its own laws, which it is very desirable to know and take into account when choosing cryptocurrencies for work. And to have such a choice from a really large number of coins, it is enough to join the GRIN4 ecosystem.

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